Ashish Kacholia-Backed Small-Cap Multibagger Secures Rs 187.62 Crore EPC Order From Gujarat State Electricity Corporation

On Monday, Indian equity benchmarks ended higher, with the benchmark Nifty 50 index rising 0.37 per cent to 24,102.90. Amid the positive market sentiment, Asian Energy Services share price traded at Rs 374.30, up 1.92 per cent from the previous close after the company announced a Rs 187.62 crore EPC contract from Gujarat State Electricity Corporation Ltd (GSECL).

Asian Energy Services Bags Rs 187.62 Crore Gujarat Power EPC Contract

Asian Energy Services said it has secured a Rs 187.62 crore contract, including GST, from GSECL for the enhancement of the Coal Handling Plant (Stage-II) at the Ukai Thermal Power Station in Gujarat. The project will be executed on a lump-sum EPC basis and covers engineering, procurement, Construction and commissioning activities. The execution timeline is estimated at 2 to 3 years.

The order marks a significant milestone for the company as it is the first major contract secured outside Coal India and its subsidiaries and associates. The project is expected to diversify the company's client base and strengthen its presence in state utility-led infrastructure projects.

Management Expects Improved Revenue Visibility

Commenting on the development, Dr Kapil Garg, Managing Director of Asian Energy Services, said the project expands the company's Order Book in the mineral infrastructure vertical and enhances revenue visibility over the next two years. He added that the order reflects the company's efforts to acquire new customers beyond its traditional Coal India-focused business.

The company currently executes multiple coal handling and mineral infrastructure projects across Coal India subsidiaries, including MCL, ECL, CCL and SECL, as well as Singareni Collieries Company Ltd.
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Ashish Kacholia Holds 1.18 per cent Stake

According to the latest shareholding pattern for May 2026, Ace Investor Ashish Kacholia held a 1.18 per cent stake in Asian Energy Services. During the same period, promoter shareholding stood at 56.16 per cent, while Foreign Institutional Investors (FIIs) held 1.18 per cent and Domestic Institutional Investors (DIIs) held 0.75 per cent.

Notably, promoter holding declined from 60.75 per cent in March 2026 to 56.16 per cent in May 2026, while public shareholding increased from 37.05 per cent to 41.87 per cent.

About Asian Energy Services

Asian Energy Services Ltd provides end-to-end services across the upstream energy value chain. Its offerings include integrated oil and gas services, seismic data acquisition, operations and maintenance of oil and gas production facilities, production enhancement services, and mining infrastructure solutions such as material handling plants and rapid loading systems.

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Disclaimer: The article is for informational purposes only and not investment advice.